Venture capital firms and other investing institutions have continued to pour funds into the blockchain sector
A statement released Monday confirmed that London-based crypto analytics and insights firm Elliptic has completed a $60 million Series C funding round led by Evolution Equity Partners. Two of Europe’s best-known tech investors, Octopus and AlbionVC, took part in the round. Other large companies such as Wells Fargo, Digital Currency Group and SoftBank were also involved.
“As announced today in the Wall Street Journal, we have completed a $60 million Series C funding round. The round is a milestone and recognition of our important role in the crypto ecosystem”, says a blog post by CEO Simone Maini.
The paper also pointed out that the funds will be invested in expansion efforts and part will go to research and development. Elliptic sees these areas as critical to adapting to the ever-growing crypto space and staying relevant in providing services to institutional clients. The company continues to claim that it strives to remain a leader in accuracy, scope and reliability.
Maini acknowledged the latest round of funding as a result of the analyst firm’s contribution to the crypto industry. The managing director told Reutersthat Elliptic’s efforts have played a critical role in growing the ecosystem and promoting digital asset adoption.
“Without really solid fundamental insights and tools that facilitate the fight against financial crime, protection and risk management, it is really difficult for these companies to seize the opportunities”, so the expert.
Richard Seewald, the founder of Evolution Equity Partners, also acknowledged Elliptic’s role in safely accepting cryptocurrencies in a digital world, adding that the funds will increase the reach of the analytics firm.
“The recent capital raising gives Elliptic more resources to expand its market-leading crypto asset risk management to financial organizations, businesses and regulators around the world.”
The blockchain intelligence company provides transaction analytics for traditional financial institutions, fintech firms, and government agencies. It also provides risk management services for crypto companies. Since its founding eight years ago, Elliptic has already gained over 100 customers.
Compliance with rules to combat financial crime is becoming increasingly important. According to Neil Cunha-Gomes of SoftBank Investment Advisers, Elliptic has won the trust of financial institutions through its early entry into this space. He therefore believes that Elliptic is in a favorable position to facilitate the safe introduction of cryptocurrencies.
Several other crypto analytics firms have expanded through financing in recent months. In June, Chainalysis raised $100 million in a Series E funding round, pushing the company’s valuation past the $4 billion mark. Around the same time, San Francisco-based TRM Labs received an initial round of funding of $14 million.